Introduction: On the event of retirement, an employee receives certain retirement benefits which are dealt within the ambit of section 17(3) and considered as “profits in lieu of salary”, however section 10 allows certain exemptions on some of the retirement… Read More
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BUDGET 2019 HIGHLIGHTS-DIRECT AND INDIRECT TAXATION
Budget 2019 Direct Taxation New section 80EEA has been inserted to provide deduction with respect to interest paid on the self occupied property upto Rs. 1,50,000/- subject to the fulfilment of following conditions: i. Loan has to be sanctioned by… Read More
INC-20A (DECLARATION OF COMMENCEMENT OF BUSINESS)
Ministry of Corporate Affairs has Introduced E-From INC-20A (Declaration of Commencement of Business), in compliance with the provisions of section 10A(1)(a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules 2014. As per the new provisions… Read More
INC-22A(ACTIVE)
MCA vide its notification dated 21st February, 2019 and Companies (Incorporation) Amendment Rules, 2019 introduced Form INC-22A (Active i.e Active Company Tagging Identifies and Verification) which is hereby referred as the KYC of the Companies. Who is required to file… Read More
TAX COLLECTED AT SOURCE
The Income Tax Department has mandated the tax to be collected at source on certain transactions at the at a certain specified rate.The provisions of the tax collected at source are governed by section 206C of the Income Tax Act.… Read More
Highlights of the 33rd GST Council Meeting held on 24th February, 2019
The 33rd Meeting of the GST Council was held on 24th February, 2019 at 2 P.M. at New Delhi First the 33rd meeting of the Council was decided to be held on 20th February, 2019 via video conferencing, however the… Read More
Things to Consider While Making Tax saving Investments
BUDGET 2019 HIGHLIGHTS
Individuals having income upto Rs. 5 lakh are no longer required to pay taxes. Standard deduction provided to salaried employees earlier Rs. 40,000 has now been raised to Rs. 50,000/- Threshold limit for TDS deduction u/s 194I has been raised… Read More
SECTION 8 COMPANY
Definition As per section 8 of the Companies Act, 2013, such companies are defined as the companies whose objectives are to promote the fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection or other related… Read More
GST on Rent
According to the GST act, renting of immovable property will be treated as supply of service under GST. However, in GST regime certain types of rent will attract GST. In this article, we look at types of rent that attract… Read More